State of Oregon to Help Small Businesses Grow Revenues via Exports
Today Business Oregon announced continued funding for its matching grant program that helps Oregon small businesses engage in export activities. The small grants are paired with expertise from agency staff to help navigate the path to exporting. Business Oregon is combining some state funds with a successful federal grant award of $750,000.
"While large companies in industries like semiconductor, machinery, and commodity products drive total state trade numbers, it's small- and medium-sized firms where trade provides a terrific opportunity for business growth," said Business Oregon global strategies manager Amanda Welker. "That's where we can really make a difference with our export assistance programs. The companies we worked with last year reported $27 million in new export sales."
The federal funding comes from the US Small Business Administration's State Trade Expansion Program. The matching grants can offset some of the costs associated with entering new markets such as trade show participation, travel costs, website localization, or consulting.
Last fiscal year, Business Oregon used these matching grants with 86 small businesses to increase exports. Grant awards totaled $471,539 for the year, with the average grant being $5,000. Companies then report back any sales revenue they immediately secure, along with expected sales to come in the near future. From this grant funding, companies reported just over $27 million in immediate export sales generated from their activities.
One user of the program was Aviatrix, who used the state program to attend the IDEX show in Abu Dhabi. On a recent report the company stated:
We are very excited to have executed a blanket order agreement with a distributor in UAE as a result of this event. This could lead to a lasting relationship with revenue that grows for years to come.
Another user is Overwatch Imaging, who reported:
We recently signed a contract for over $1 million that resulted from attending that tradeshow (as a result of the grant).
Funding is limited and companies need to meet certain criteria. To find out more and apply for funding, visit: http://www.oregon4biz.com/Global-Connections/Export-Promotion/
Contact : Nathan Buehler, 503-689-3559